PYC Therapeutics Announces $146 Million Capital Raise

Highlights:

• $146 million Capital Raise: PYC Therapeutics is raising A$146 million through a 1-for-4 pro-rata accelerated non-renounceable entitlement offer to advance its RNA-based drug pipeline.
• Strong Investor Support: Major shareholder Alan Tribe’s Australian Land Pty Ltd has committed A$35 million, with institutional underwriting securing at least A$105 million.
• Pipeline Acceleration: Funding will support late-stage and early-stage trials for eye diseases, polycystic kidney disease, and Phelan-McDermid Syndrome, ensuring progress through FY27.

Major Fundraising Initiative to Support Drug Development

Perth, Australia – 17 February 2025 – PYC Therapeutics Limited (ASX: PYC) has announced plans to raise up to A$146 million through a 1-for-4 pro-rata accelerated non-renounceable entitlement offer. This initiative aims to fund the advancement of the company’s RNA-based drug pipeline addressing unmet medical needs.

Offer Details

The entitlement offer will involve issuing approximately 117 million new shares at A$1.25 per share, representing a:

• 2.7% discount to the last traded price of A$1.285 (14 February 2025)
• 2.2% discount to the Theoretical Ex-Rights Price (TERP) of A$1.28
• 4.9% discount to the 5-day volume-weighted average price

The capital raise will be conducted in two phases:

1. Institutional Entitlement Offer: Open from 17–18 February 2025.
2. Retail Entitlement Offer: Open from 24 February–14 March 2025.

Eligible retail investors can apply for additional shares beyond their entitlement, up to twice their allocation.

Major Shareholder Commitment & Underwriting

PYC has secured significant support from key investors, including Chairman Alan Tribe’s Australian Land Pty Ltd, which has committed A$35 million. Additionally, an underwriting agreement with institutional investors ensures a minimum A$105 million raise, with existing shareholders guaranteeing at least A$70 million.

Use of Funds

The funds will accelerate the development of four pipeline programs, ensuring full funding through FY27:

• Late-stage trials for blinding eye disease therapy
• Mid-stage trials for a second eye disease treatment
• Early-stage trials for a polycystic kidney disease therapy
• Progression of a Phelan-McDermid Syndrome treatment
• Ongoing drug discovery and platform development

CEO Statement

PYC CEO Dr. Rohan Hockings emphasized the importance of the capital raise, stating: “This funding extends our financial runway, allowing us to deliver critical clinical efficacy data across multiple programs. Our goal is to provide breakthrough treatments for patients who currently have no approved options.”

Next Steps

The new shares will be fully paid and rank equally with existing shares. The trading halt on PYC shares is expected to be lifted on 19 February 2025.

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